Ocular Therapeutix (NASDAQ:OCUL) Stock Price Down 5.8% – Here’s Why

Shares of Ocular Therapeutix, Inc. (NASDAQ:OCUL) dropped 5.8% during mid-day trading on Tuesday . The stock traded as low as $6.92 and last traded at $6.91. Approximately 175,407 shares were traded during trading, a decline of 89% from the average daily volume of 1,539,508 shares. The stock had previously closed at $7.33.

Analysts Set New Price Targets

Several brokerages recently issued reports on OCUL. Royal Bank of Canada started coverage on Ocular Therapeutix in a research note on Tuesday, March 18th. They set an “outperform” rating and a $17.00 price objective on the stock. Needham & Company LLC initiated coverage on shares of Ocular Therapeutix in a report on Tuesday, March 11th. They issued a “buy” rating and a $15.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $15.00 target price on shares of Ocular Therapeutix in a report on Tuesday, March 4th. Finally, JMP Securities set a $19.00 price target on Ocular Therapeutix in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $16.38.

Ocular Therapeutix Stock Performance

The company has a market cap of $1.17 billion, a P/E ratio of -5.56 and a beta of 1.49. The company has a 50 day moving average price of $7.47 and a 200-day moving average price of $8.72. The company has a quick ratio of 12.94, a current ratio of 13.01 and a debt-to-equity ratio of 0.19.

Ocular Therapeutix (NASDAQ:OCUL) last posted its quarterly earnings data on Monday, March 3rd. The biopharmaceutical company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). The company had revenue of $17.08 million for the quarter, compared to analyst estimates of $16.89 million. Ocular Therapeutix had a negative net margin of 283.74% and a negative return on equity of 45.18%. Equities analysts expect that Ocular Therapeutix, Inc. will post -0.98 EPS for the current fiscal year.

Insider Activity

In other Ocular Therapeutix news, insider Pravin Dugel sold 21,475 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $6.87, for a total value of $147,533.25. Following the transaction, the insider now owns 3,520,318 shares of the company’s stock, valued at approximately $24,184,584.66. This represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donald Notman sold 6,301 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $7.84, for a total value of $49,399.84. Following the sale, the insider now directly owns 204,563 shares of the company’s stock, valued at approximately $1,603,773.92. This represents a 2.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,895 shares of company stock worth $283,772 over the last 90 days. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ocular Therapeutix

Several hedge funds have recently modified their holdings of OCUL. Deep Track Capital LP increased its stake in Ocular Therapeutix by 0.9% in the 4th quarter. Deep Track Capital LP now owns 12,836,282 shares of the biopharmaceutical company’s stock worth $109,622,000 after purchasing an additional 114,822 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Ocular Therapeutix by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 8,483,913 shares of the biopharmaceutical company’s stock worth $72,453,000 after acquiring an additional 99,730 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Ocular Therapeutix by 43.9% during the fourth quarter. Point72 Asset Management L.P. now owns 2,935,924 shares of the biopharmaceutical company’s stock valued at $25,073,000 after acquiring an additional 895,304 shares during the period. Deltec Asset Management LLC lifted its position in shares of Ocular Therapeutix by 0.6% in the 4th quarter. Deltec Asset Management LLC now owns 2,616,373 shares of the biopharmaceutical company’s stock valued at $22,344,000 after acquiring an additional 16,300 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its stake in Ocular Therapeutix by 26.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,334,702 shares of the biopharmaceutical company’s stock worth $11,398,000 after purchasing an additional 278,610 shares during the period. 59.21% of the stock is owned by hedge funds and other institutional investors.

Ocular Therapeutix Company Profile

Ocular Therapeutix, Inc, a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis.